Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Teekay Tankers Ltd Class A / Equity Bottom-Up

Teekay Tankers (TNK US) - Challenging Outlook, Pressured Dividend, Downgrade to Neutral<ul><li>
Earnings lower than consensus, but close to our estimates: Teekay Tankers’ (TNK’s) operating revenue surged 25.5% y/y in 2Q16 to USD 139.6m (4.2% south of our estimate of USD 145.8m) despite a double-digit decline in realised freight rates for Suezmaxes and Aframaxes – the company’s representative fleet – primarily because of 26.3% increase in operating days on account of an expanded fleet. TCE revenue soared…</li></ul>

Teekay Tankers (TNK US) - Challenging Outlook, Pressured Dividend, Downgrade to Neutral
Earnings lower than consensus, but close to our estimates: Teekay Tankers’ (TNK’s) operating revenue surged 25.5% y/y in 2Q16 to USD 139.6m (4.2% south of our estimate of USD 145.8m) despite a double-digit decline in realised freight rates for Suezmaxes and Aframaxes – the company’s representative fleet – primarily because of 26.3% increase in operating days on account of an expanded fleet. TCE revenue soared…

Teekay Tankers (TNK US) - Challenging Outlook, Pressured Dividend, Downgrade to Neutral

We have scaled down our fair value estimate to USD 6.40 per share (from USD 8.60 earlier) but maintained our Attractive view on the stock, as we believe its profitability will decline slightly with expected weakness in freight rates from the second half of the year when newbuild vessels join the fleet. We have also placed the company in the Medium risk category with a stable outlook over the long term; however, gearing higher than its peers is a concern. Aggressive fleet expansion at a time when tanker shipping is leading the maritime industry will be the key catalyst for the company.

We have scaled down our fair value estimate to USD 6.40 per share (from USD 8.60 earlier) but maintained our Attractive view on the stock, as we believe its profitability will decline slightly with expected weakness in freight rates from the second half of the year when newbuild vessels join the fleet. We have also placed the company in the Medium risk category with a stable outlook over the long term; however, gearing higher than its peers is a concern. Aggressive fleet expansion at a time when tanker shipping is leading the maritime industry will be the key catalyst for the company.

Teekay Tankers (TNK US) – High Spot Exposure and Increased Leverage; a Reason to Worry

Transport Sector, China and Asia-focused Research

Charles De Trenck

In this note: 1) some interesting reversals, 2) some updates on stock pick performances, 3) other updates and items of note. A few enclosures added.Of all the interesting things that happened over the last few weeks, to me, were two reversals most investors would have not gone for until they happened. Ultimately, it was a story about the market expecting key commodities to retreat, only to find the reverse.Interesting piece from Rickards last week is discussed.

In this note: 1) some interesting reversals, 2) some updates on stock pick performances, 3) other updates and items of note. A few enclosures added.Of all the interesting things that happened over the last few weeks, to me, were two reversals most investors would have not gone for until they happened. Ultimately, it was a story about the market expecting key commodities to retreat, only to find the reverse.Interesting piece from Rickards last week is discussed.

Interesting Counter-Intuitive Reversals Last Few Weeks (Breakouts…Positions…Key Notes)

Teekay companies came out with a set of results. Frankly, it is not about the results but about the corporate actions and the forward indicators of corporate changes that can be done. Detailed TK updates are available from the company’s investor portal in the usual high detail. See http://teekay.com/ … I only have a few key points to make, which I think cut to the chase. Most broker coverage has focused on TK LNG or <a href="https://www.smartkarma.com/entities/21078" target="_blank" data-smartkarma-citation="entities:21078">Teekay Lng Partners Lp</a> , excepting the large recent Morgan Stanley report…

Teekay companies came out with a set of results. Frankly, it is not about the results but about the corporate actions and the forward indicators of corporate changes that can be done. Detailed TK updates are available from the company’s investor portal in the usual high detail. See http://teekay.com/ … I only have a few key points to make, which I think cut to the chase. Most broker coverage has focused on TK LNG or Teekay Lng Partners Lp , excepting the large recent Morgan Stanley report…

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is there any value to be found in an area of the fixed income markets? We show that some of the best current risk-adjusted asset allocation opportunities in any global public markets are in fixed income markets and sectors.

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is there any value to be found in an area of the fixed income markets? We show that some of the best current risk-adjusted asset allocation opportunities in any global public markets are in fixed income markets and sectors.  

United States

Teekay Tankers Ltd. provides oil transportation services through a fleet of mid-size tankers, including Suezmax and Aframax crude oil tankers and Long Range 2 product tankers. The Company's vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading.

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Teekay Tankers Ltd Class A (TNK US)

Teekay Tankers (TNK US) - Challenging Outlook, Pressured Dividend, Downgrade to Neutral

Teekay Tankers (TNK US) - Challenging Outlook, Pressured Dividend, Downgrade to Neutral Earnings lower than consensus, but close to our estimates:...

Drewry Maritime Financial Research

Teekay Tankers (TNK US) – High Spot Exposure and Increased Leverage; a Reason to Worry

We have scaled down our fair value estimate to USD 6.40 per share (from USD 8.60 earlier) but maintained our Attractive view on the stock, as we...

Drewry Maritime Financial Research

Interesting Counter-Intuitive Reversals Last Few Weeks (Breakouts…Positions…Key Notes)

In this note: 1) some interesting reversals, 2) some updates on stock pick performances, 3) other updates and items of note. A few enclosures...

Charles De Trenck

Teekay's Right Hand Left Hand Shuffle

Teekay companies came out with a set of results. Frankly, it is not about the results but about the corporate actions and the forward indicators of...

Charles De Trenck

Does Fixed Income Have a Future?

With bond yields at floor levels with limited policy options to sustain zero or negative interest rates what is the future for fixed income? Is...

ClearMacro

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